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Segment Information (Tables)
6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Summary of Information about Company's Reportable Operating Segments

The tables below present information about the Company’s reportable operating segments (in thousands):

 

 

Three Months Ended June 30, 2016

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

257,310

 

 

$

11

 

 

 

 

 

 

$

257,321

 

Rental operation expenses

 

(71,747

)

 

 

(117

)

 

 

 

 

 

 

(71,864

)

Net operating income (loss)

 

185,563

 

 

 

(106

)

 

 

 

 

 

 

185,457

 

Depreciation and amortization

 

(97,698

)

 

 

 

 

 

 

 

 

 

 

(97,698

)

Interest income

 

 

 

 

 

9,446

 

 

 

 

 

 

 

9,446

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

2,081

 

 

 

2,081

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(72,756

)

 

 

(72,756

)

Equity in net income of joint ventures

 

1,117

 

 

 

 

 

 

 

 

 

 

 

1,117

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

27,647

 

 

 

Three Months Ended June 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

257,283

 

 

$

40

 

 

 

 

 

 

$

257,323

 

Rental operation expenses

 

(73,809

)

 

 

(17

)

 

 

 

 

 

 

(73,826

)

Net operating income

 

183,474

 

 

 

23

 

 

 

 

 

 

 

183,497

 

Depreciation and amortization

 

(99,300

)

 

 

 

 

 

 

 

 

 

 

(99,300

)

Interest income

 

 

 

 

 

7,211

 

 

 

 

 

 

 

7,211

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

2,368

 

 

 

2,368

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(81,131

)

 

 

(81,131

)

Equity in net income of joint ventures

 

1,642

 

 

 

 

 

 

 

 

 

 

 

1,642

 

Loss on sale and change in control of interests, net

 

(6,507

)

 

 

 

 

 

 

 

 

 

 

(6,507

)

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

7,780

 

 

 

Six Months Ended June 30, 2016

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

511,727

 

 

$

17

 

 

 

 

 

 

$

511,744

 

Rental operation expenses

 

(144,750

)

 

 

(156

)

 

 

 

 

 

 

(144,906

)

Net operating income (loss)

 

366,977

 

 

 

(139

)

 

 

 

 

 

 

366,838

 

Depreciation and amortization

 

(194,600

)

 

 

 

 

 

 

 

 

 

 

(194,600

)

Interest income

 

 

 

 

 

18,496

 

 

 

 

 

 

 

18,496

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

3,854

 

 

 

3,854

 

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(148,987

)

 

 

(148,987

)

Equity in net income of joint ventures

 

15,538

 

 

 

 

 

 

 

 

 

 

 

15,538

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

61,139

 

As of June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

9,949,961

 

 

 

 

 

 

 

 

 

 

$

9,949,961

 

Notes receivable, net(B)

 

 

 

 

$

447,074

 

 

$

(399,780

)

 

$

47,294

 

 

 

Six Months Ended June 30, 2015

 

 

Shopping

Centers

 

 

Loan

Investments

 

 

Other

 

 

Total

 

Total revenues

$

516,053

 

 

$

95

 

 

 

 

 

 

$

516,148

 

Rental operation expenses

 

(150,145

)

 

 

(36

)

 

 

 

 

 

 

(150,181

)

Net operating income

 

365,908

 

 

 

59

 

 

 

 

 

 

 

365,967

 

Impairment charges

 

(279,021

)

 

 

 

 

 

 

 

 

 

 

(279,021

)

Depreciation and amortization

 

(202,315

)

 

 

 

 

 

 

 

 

 

 

(202,315

)

Interest income

 

 

 

 

 

14,372

 

 

 

 

 

 

 

14,372

 

Other income (expense), net

 

 

 

 

 

 

 

 

$

(1,060

)

 

 

(1,060

)

Unallocated expenses(A)

 

 

 

 

 

 

 

 

 

(167,646

)

 

 

(167,646

)

Equity in net income of joint ventures

 

1,703

 

 

 

 

 

 

 

 

 

 

 

1,703

 

Gain on sale and change in control of interests, net

 

7,772

 

 

 

 

 

 

 

 

 

 

 

7,772

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

$

(260,228

)

As of June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total gross real estate assets

$

10,180,374

 

 

 

 

 

 

 

 

 

 

$

10,180,374

 

Notes receivable, net(B)

 

 

 

 

$

355,911

 

 

$

(308,607

)

 

$

47,304

 

(A)

Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the Company’s consolidated statements of operations.  

(B)

Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets.